$BOME : Is it really substantial or just hype?
$BOME , also known as the 'Book of Meme', is a new venture on the Solana blockchain that aims to mix meme culture with decentralized storage and high-risk cryptocurrency trading, adding some novelty to the Web3 world. BOME intends to utilize blockchain technology to permanently preserve these memes, and plans to employ advanced storage technologies like Arweave and IPFS, and even wants to relate to Bitcoin's inscription technology—ambitious, isn't it?
Let's talk about BOME's token, there are a total of 69 billion tokens, with about 55.2 billion currently in circulation, which is quite high at an 80% circulation rate. These tokens are mainly distributed to community funds, liquidity pools, and presales. What can these tokens do? They can incentivize participation in storing meme culture, govern content on social media, support some gambling games, and facilitate high-risk trading, among other things.
BOME's transaction speed is quite fast, and the cost is low, as it benefits from the Solana blockchain's advantages, using mechanisms like proof of stake and proof of history.
However, how is BOME performing in the market right now? The price is around $0.008, with daily trading volume exceeding $78 million. Although the price has risen a bit recently, overall, it resembles a rollercoaster, going up and down, indicating significant risk.
The BOME project indeed shows some innovation, aiming to combine meme culture with decentralized storage, but to be honest, its application scenarios are still too few, and whether the meme economy can be sustainable is a question. Moreover, in the field of meme coins, BOME has plenty of competitors, with big players like Dogecoin and Shiba Inu in the mix.
If you want to delve deep into the crypto world but can't find a direction, and want to quickly get started, click on my avatar to follow me.
